The class action lawsuit against Roaring Kitty has been dismissed

2024-07-02 08:49:14

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ChainCatcher news, according to Decrypt, last Friday Keith Gill (also known as Roaring Kitty) was hit with a class-action lawsuit, claiming that his extensive promotion on social media inflated the stock price of GameStop (GME) for his own benefit. The plaintiffs voluntarily withdrew the lawsuit on Monday.

The case lingered on the court's docket for only one business day, and just hours after the court issued a subpoena to Gill, requiring him to respond to the complaint within 21 days, the lawsuit was withdrawn. The plaintiffs' attorney notified the court in two sentences that they would dismiss the lawsuit without prejudice.

It is reported that since the case was dismissed without any impact, the plaintiffs may refile against Gill in the future.

Previous news, GMP call option holder Martin Radev, through his law firm Pomerantz, filed a lawsuit against Roaring Kitty in the Eastern District of New York on June 28, accusing him of orchestrating a "pump and dump" scheme through a series of social media posts starting from May 13.

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Roaring Kitty Return Event Dynamics

Trader Roaring Kitty (Keith Gill) returned to Twitter after three years, posting several tweets. As a result, related US stocks and crypto meme coins saw significant increases. This topic will track the dynamic developments of this event and its ongoing impact on the market.

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